Woodbury Corporation, the Salt Lake City company now in charge of developing of the Crossroads site, will officially take ownership tomorrow, December 18th. The closed transaction will allow the first phase of construction to begin this spring.
Woodbury became a partner in The Crossorads redevelopment in 2023 and is under contract to purchase the remaining Crossroads property from KJ Ventures.
The redesigned development is now estimated to cost $900 million.
“We believe this is the best piece of real estate in all of Nebraska,” said Jeff Woodbury, senior vice president of development and acquisitions for Woodbury Corporation. While it might not technically be the busiest intersection in the state (that honor belongs to 90th & Dodge), Woodbury said 72nd & Dodge is the region’s most important “retail intersection.”
Woodbury described Omaha as “a city that continually reinvents itself” and also praised the city’s leadership: “Omaha’s commitment to progress and innovation is unique, and we are honored to be a part of the ongoing transformation.”
Omaha Mayor Jean Stothert said tomorrow’s official real estate transaction is a major milestone in the long Crossroads redevelopment journey.
“Woodbury’s proven record in mixed-use development around the country ensures they will deliver a spectacular destination development,” she said. “We are underway!”
The first phase of construction will include a 92,000 sq. ft. entertainment venue that will be operated by a major national chain. Woodbury is already in negotiations with that yet-to-be-named company. Phase one will also include the construction of residential, retail and office buildings as well as a public plaza and public parking facilities.
Back in December 2020, KJ Ventures began demolition of the vacant Crossroads Mall. The company also completed infrastructure such as sewers, utilities and streets. KJ Ventures is a partnership between Chip James of Lockwood Development and Century Development, owned by the family of the late Frank Krejci, who died in 2022. Krejci bought Crossroads in 2010.
The City of Omaha will build, own and operate multiple public parking facilities within the Crossroads development. Those facilities will not include the existing garage at the corner of 72nd & Cass Street, because it will eventually be demolished to make way for later phases of development.
The Omaha City Council has approved more than $105 million in Tax Increment Financing (TIF) and the establishment of an Enhanced Entertainment Area, which allows an increase in local sales tax within the development. The first phase of TIF will go toward paying for construction of the public parking structures and additional public infrastructure improvements.
The next focus will be the selection of the local construction manager-general contractor. Woodbury hopes to announce the first tenants within the next couple months. He said he has letters of intent with multiple tenants and expects to sign the first leases soon. Groundbreaking remains on schedule for this spring.
With $5 billion in assets under management, Woodbury Corporation’s portfolio includes a diverse range of properties across 16 states. The company completed a project in downtown Lincoln several years ago.
“I have great confidence in the Woodbury team and their timeline, and so can the citizens of Omaha,” Stothert said. “I look forward to watching the plans become reality very soon.”
At nearly a billion dollars, Crossroads will be one of the most valuable real estate developments in Nebraska history, but it’s not the only big project at 72nd & Dodge Street. On the southwest corner of the intersection, construction is progressing on the $158 million Omaha Central Library.
Apparently, there’s yet another project on the drawing table.
Stothert revealed that a new mixed-use development could be in the works for the northeast corner of 72nd & Dodge. A group recently purchased the current Petco retail building and is planning major changes for the site. Details have not yet been announced.
